Fashion and apparels retailer V-Bazaar Retail is eyeing Rs 500 crore revenue in the next three years as the company plans to add up to 45 new stores in tier II and III cities.

The company will invest between Rs 75-90 crore to open 40 to 45 new stores in tier-II and tier-III cities of Bihar, Jharkhand, Uttar Pradesh, Gujarat, Rajasthan and Uttarakhand, it said in a statement.

"We would add around 40-45 more stores by 2020 and take our store count to 56-57 by the end of FY 2019-2020," V-Bazaar Retail Chairman and Managing Director Hemant Agarwal said.

He further said: "For growth, as a strategy we are focusing on only tier-II and III places."

At present, V-Bazaar is operating 14 stores in Uttar Pradesh and Bihar and had a revenue of Rs 44.8 crore in the financial year 2016-17.

Currently, 40% of the company's revenue comes from mens apparel, 25% from ladies apparel, 23% from kids apparel and 12% from general merchandise.

"The company would be investing around Rs 1.75 to Rs 2 crore in opening one new store and the investment would be through internal accruals," Agarwal said.

It offers a portfolio of products, including apparels and non-apparel.